Gold prices remain stuck as U.S. weekly jobless claims remain below 200k

The gold market continues to consolidate near the lower end of its recent range, holding support above $4,000 an ounce even as the U.S. labor market remains fairly resilient, with the number of people filing first-time unemployment claims staying below a key threshold. Initial claims for state unemployment benefits rose by 9,000 to a seasonally adjusted 197,000 for the week ending July 25, the Labor Department announced Thursday. The figure came in slightly below expectations, as consensus forecasts called for 201,000 claims. The previous week's reading was revised higher by 1,000 claims to 188,000. Spot gold has traded in a narrow range for most of the week and is seeing little reaction to the latest employment data. Spot gold last traded at $4,077.20 an ounce, up 0.30% on the day.